B. Jones Corporation has issued common stock only. The company has been successful and has a gross profit rate of 20%. The information shown below was taken from the company's financial statements. Beginning inventory Purchases Ending inventory Average accounts receivable Average common stockholders' equity Sales revenue (all on credit) Net income $ 482,000 4,346,000 ? 700,000 3,100,000 5,600,000 341,000
B. Jones Corporation has issued common stock only. The company has been successful and has a gross profit rate of 20%. The information shown below was taken from the company's financial statements. Beginning inventory Purchases Ending inventory Average accounts receivable Average common stockholders' equity Sales revenue (all on credit) Net income $ 482,000 4,346,000 ? 700,000 3,100,000 5,600,000 341,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:(b)
The ending inventory, inventory turnover and the average days in inventory. (Round to 1 deci
Ending Inventory
Inventory turnover
Average days in inventory
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Accounts receivable turnover
Average collection period
Accounts receivable turnover and the average number of days required to collect the accounts receivable. (Round to 1
place, e.g. 25.2.)
8
46
times
times
days
days
Att
Attempt
Transcribed Image Text:B. Jones Corporation has issued common stock only. The company has been successful and has a gross profit rate of 20%. The
information shown below was taken from the company's financial statements.
Beginning inventory
Purchases
Ending inventory
Average accounts receivable
Average common stockholders' equity
Sales revenue (all on credit)
Net income
Compute the following:
$ 482,000
4,346,000
?
700,000
3,100,000
5,600,000
341,000
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